12-11-17 Regular Meeting - Laserfiche WebLink

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grant by a prorated amount as of each calendar year of the incentive. (3) If any Existing Jobs or New Jobs are eliminated or cease to exist prior to Closeout and after any grant payment by the COUNTY, then the COUNTY shall reduce the total incentive grant by a prorated amount based off the percentage of original Existing Jobs (390) plus any New Jobs according to Exhibit A versus actual jobs. b. If at any time during the Grant period the COMPANY substantially ceases operations at the Project, the COUNTY shall not be obligated to pay to the COMPANY any further grant funds C. If at any time during the Grant period the COMPANY fails to retain one hundred percent of the Existing Jobs as set forth in Paragraph 5(b) herein, the COMPANY will be in default of this agreement and the COUNTY shall not be obligated to pay to the COMPANY any further grant funds and the COMPANY shall be obligated to repay funds already paid to the COMPANY by the COUNTY. If the COMPANY falls below the Existing Jobs as set forth in Paragraph 5(b) due to employee(s) voluntarily vacating their position(s), then the COMPANY will not be considered in default of this agreement provided the COMPANY can show they are taking reasonable steps to fill the vacated position(s). 8. TERMINATION a. This agreement shall terminate and the COMPANY shall be in breach for the following reasons as determined by the COUNTY, including, but not limited to the following: (1) Failure to pay taxes; (2) Failure to comply with the terms and conditions of this Agreement; (3) Submission of incorrect or incomplete reports to the COUNTY in any material respects; or (4) Failure to make satisfactory progress towards making the cumulative investment in the property as of each calendar year according to Exhibit B, without requesting an extension of time and agreed upon by the COUNTY in writing, the determination of whether satisfactory progress has been made will be in the sole discretion of the COUNTY.